SM Prime Holdings Inc., the country’s biggest shopping-mall operator, said net income in the second quarter rose 16 percent to P2.49 billion as it opened new malls and so-called same-store sales increased.

In a filing with the Philippine Stock Exchange on Monday, SM Prime said its performance brought net income in the first six months to P4.92 billion, or a gain of 15 percent, while revenues also increased 15 percent to P14.57 billion. 

“We are pleased to reach our targets for the first half of this year on the back of robust consumer spending and strong economic fundamentals. In line with this, we look forward to the second half of the year with more confidence in implementing our expansion plans, especially as we move toward the holiday season,” SM Prime President Hans Sy said in the statement.

SM Prime said earnings before interest, taxes, depreciation and amortization, or Ebitda, amounted to P9.71 billion, up 12 percent, for an Ebitda margin of 67 percent.

“Better growth resulted from the opening of new Philippine malls in 2010 and 2011, same-store sales of 8 percent, and the improved performance of SM’s China malls,” the company said.

Operating expenses during the first six months of 2012 rose 15 percent to P6.79 billion from P5.92 billion due to an increase in administrative expenses, particularly utilities, business taxes and manpower expenses. Income from operations increased to P 7.78 billion, up 15 percent, SM Prime said.

In terms of gross revenues, the four malls in China contributed P1.27 billion for the first half, or 9 percent of total consolidated revenues. The company said P320 million was contributed to profits in the six-month period, or 7 percent of the total consolidated net income.

“The SM China malls are enjoying healthy increases in rental rates and improvement in occupancy levels. The average occupancy rate for the four malls in China is now at 95 percent,” the disclosure said.